WALNUT RIDGE
Walnut Ridge coordinates the investing activities, business needs, philanthropic interests, and family activities of a multigenerational family. In this work, we support a mix of private and public market investments, family business and personal interests, and two philanthropic foundations. The family includes three living generations and is committed to generating both financial and societal value near- and longer-term.
We offer a flexible, hybrid environment, and typically spend Monday, Wednesday, and Thursday in the office, which is in Pinecrest, a recently built mixed-use development with upscale shops and restaurants near Beachwood, OH. In this role, you will also work remotely on occasion in person with our teammates in Brooklyn, NY.
ABOUT THE POSITION
Reporting to the CEO and overseeing a small team of 3 finance and accounting professionals, you will be a key member of the executive team, provide strategic leadership of the finance, accounting and tax functions of a complex family enterprise which is comprised of numerous trusts, a large operating company (the financials of which are outside of this scope), and various other business and investment interests and entities. This role will work closely in collaboration with the family office CEO as well as external financial partners and advisors to design, structure, and manage information systems and controls, oversee investment vehicles, provide comprehensive financial and investment performance reporting and advice, counsel family members and their affiliated trusts and entities on financial and tax-related matters, interact with the operating company team on tax matters that impact shareholders, and manage a small accounting team. Lead the growth and optimization of the finance and accounting functions to best serve the family office is paramount.
KEY AREAS OF RESPONSIBILITY
Management of the Finance & Tax Functions, to include Wealth Management Planning
- Provide professional financial services to the family to achieve their goals, including but not limited to developing and reviewing personal financial plans and annual personal financial statements, monitoring each family member’s risk position to mitigate short-term financial exposures and oversee the tax planning, accounting, banking, lending, and investments and other business activities of the family.
- Leverage external advisors, including banking, insurance, tax, and investment professionals to ensure the financial needs of the organization are met, even when outside of one’s own direct subject matter expertise; optimize the mix of what is done in-house and outsourced to advisors; identify advisor resources for special projects or business ventures desired by family members and serve as office liaison with these advisors.
- Serve as a translator of complex concepts for family members regarding financial planning, education, and implementation (e.g., cash management, developing business plans, trust distributions, banking, budgeting, etc.) and provide counsel on wealth planning matters, including capital allocation / diversification strategies, asset protection, wealth creation, and wealth transfer strategies.
- With the support of the organization’s controller:
- ensure liquidity planning and cash management incorporating family’s investment decisions, family needs, and portfolio company requirements.
- Oversee and manage all treasury functions and develop and manage family office banking relationships.
- Manage and oversee the tax planning and compliance functions (guided by outside tax advisors) related to the Family Office and related entities, and ensure tax efficiency and optimization of the structure, including assessing industry best practices and implementing changes for improvements to current processes.This includes:
- Coordinate the preparation of state and federal income tax returns, quarterly estimates, and year-end planning in concert with external tax advisors.
- Provide excellent tax and accounting advice to family members.
- Apply knowledge to understand potential tax issues, recognize potential risks and upcoming changes in tax laws and communicate to firm management to facilitate decision making.
- Optimize risk management strategies, including asset protection, insurance, investment oversight, and mitigation of other types of family risks (e.g., cybersecurity).
- Oversee and lead trust administration to include liaising with trustees and ensuring compliance with and integrity of all related governance needs.
Accounting and Reporting
- Oversee, accounting & reporting, with the support of the organization’s controller. That is:
- Financial and accounting systems (we are currently midstream in process of converting to Sage Intacct), processes and control systems, and ensure maintenance of appropriate internal controls and financial procedures for trusts and entities.
- Manage and protect assets and interests by managing partner relationships, vendors, and other third-party interactions, bringing external advisors and experts to support investment and financial activities on an as needed basis.
- Develop and / or maintain reliable cash flow projection and reporting mechanisms which include minimum cash threshold levels to meet the needs of the entities.
- Provide fiduciary and internal controls oversight.
- Prepare comprehensive, transparent, and easy-to-understand financial reports.
Processes, Systems and Operational Infrastructure
- Drive effectiveness of, manage, and provide oversight of a small team of accounting professionals who support and deliver finance, accounting, and tax services to the family, including the execution of day-to-day financial transactions and periodic preparation, analysis & reporting of the financials.
- Proactively identify needs and propose solutions to successfully complete projects on time with tremendous collaboration and time constraints.
- Review and develop regular reporting tools for the clients to understand liquidity, asset allocation, investment performance, spending, and cash flow.
Team Leadership
- Day-to-day people leadership of a small team of 3 accounting and finance professionals, to include performance management, professional development and mentoring, career planning and growth and capacity/capability planning.
CANDIDATE REQUIREMENTS
- Ability to work out of our Orange Village, Ohio office 3 or more days each week.
- Bachelor’s degree in finance / accounting or related field of study. CPA, CFP, MBA or other advanced degree preferred.
- 5+ years of experience working for, or as a close advisor to, a family office or within an investment/fund management environment (investment management, private equity, venture capital). Exposure to non-profit organizations is a nice-to-have.
- 10+ years of relevant and progressive finance experience, including direct experience in investment accounting and financial planning. Knowledge/understanding of tax is strongly preferred.
- Legal, treasury compliance, and analysis experiences will prove valuable, however willingness and previous experience learning/solving for functions outside of direct experience set through advisors is required.
- Broad experience in, understanding of or willingness to learn and solve for foundations, trusts, estate, and various legal entities including s-corporations, partnerships, limited liability companies, real estate partnerships, including tax and accounting for such entities.
- Experience managing and coaching people, including hiring and performance management and role/job definition.
- Track record of building a high functioning team and supporting processes/workflows from scratch by assessing/reshaping an existing team. Proficiency in accounting systems (experience with integration with Sage Intacct preferred) and Microsoft Excel.
CANIDATE KEY SKILLS, ABILITIES AND ATTRIBUTES
- Interest and ability to thrive in a small team environment with a high degree of ambiguity, requiring flexibility, agility and curiosity.
- Problem solving skills and mindset within and outside of key focus areas and or direct experience or comfort zone. Openness to figuring out what is currently unknown and what has been neglected in the transition to a new leader in this role.
- Excellent trust building and communication skills to enable a partnership with the CEO and the family, coupled with the willingness to perform not only accounting work, but also other services typical of a small organization.
- Flexibility and demonstrated resiliency in a high demand, and evolving (sometimes less structured) environment.
- Innovation and creativity, always striving to improve efficiency and quality of services.
- Possess exceptional interpersonal and communication skills, both verbal and written. Both engaging and able to show command over areas of subject matter expertise.
- Assumes positive intent, and able to set positive tone with the team, even in times of stress.
- Foster effective teams and be a proven leader (managing and developing junior professionals).
- Superior attention to detail and accuracy. Ability to logically and methodically solve difficult problems with effective solutions.
- Sound judgment and the ability to maintain absolute discretion and confidentiality.
- Ability to predict future needs and proactively take action to address.
- Outstanding prioritization skills and a drive to understand the importance and time sensitivity of tasks while not letting things “fall through the cracks.”
- Individual financial planning and education coordination.
WHY THIS ROLE IS COMPELLING
We provide an outstanding benefits package including medical, dental, vision, disability, and life insurance coverage, 401(k), health and/or flexible savings account, paid vacation, and an exceptional work environment.
